A Good Beat on Both Counts 07:32 AM EDT, 05/26/2022 (MT Newswires) -- Champion Iron Ltd. (CIA.TO) said overnight Wednesday that its adjusted EPS in the fourth quarter of its fiscal 2022 fell to $0.24 from $0.31 posted a year ago.
Analysts polled by Capital IQ estimated Champion Iron's adjusted EPS at $0.21.
Revenue dropped to $331.4 million from $396.7 million but beat analyst estimates of $311.5 million.
Champion Iron produced 1.9 million wet tonnes of high-grade 66.2% iron concentrate, down year over year from 2.0 million wet tonnes. It declared an inaugural dividend of $0.10 per share and an additional dividend of $0.10 per share.
The company said it achieved the phase-two commissioning of its Bloom Lake operation in late April despite pandemic-related challenges, positioning the company to ramp up towards commercial production by the end of the 2022 calendar.
"Delivering robust operational and financial results for our 2022 fiscal year, while completing our Phase II expansion project is a significant achievement highlighting our team's professionalism and perseverance," CEO David Cataford said.
Champion Iron also said that it is working to double Bloom Lake's nameplate capacity contribute to green steelmaking solutions. The company aims to reduce emissions by 40% by 2030 and become carbon neutral by 2050.